Apple expected to unveil iPhone 5 at S.F. media event

SAN FRANCISCO - For months, gadget lovers from around the world have been eagerly awaiting this day. Apple is hosting a media event Wednesday morning in San Francisco where they are expected to announce the launch of the iPhone 5.

Rumors and pictures spread across the internet recently have enabled tech analysts to assemble a speculative list of features the new iPhone is expected to boast.

Apple's latest introduction to the smartphone market is expected to feature a larger, four-inch display, a redesigned dock connector, 4G speeds, an improved processor, a better camera, and the ability to use the device like an E-wallet for daily purchases.

However, Apple's notoriously incremental upgrades to their iPhones, lead some to believe the new smartphone could fall short of the lofty expectations held by Apple enthusiasts.

The iPhone series has been hugely successful for Apple. More than 244 million iPhones have been sold since its debut in 2007. But according to a recent article by the LA Times, this latest launch could also do a lot for the U.S. economy.

Chief economist Michael Feroli told the L.A. Times that sales of the smartphone could "potentially add as much as half a percentage point to annualized gross domestic product growth in the fourth quarter."

iPhone 5 sales could "increase GDP by $3.2 billion, or $12.8 billion at an annual rate, boosting fourth-quarter growth by a third of a percentage point," Feroli explained in the L.A. Times article.

It could also help business for wireless carriers, suppliers, and stores that sell accessories.